In 2012, the first year of its existence Corporation had a net capital less of $3,000 In 2013 and 2014 it had net capital gains of $5,000 and $8,000 respectively. In 2015, the company reported a net capital loss of $12,000. What is the amount of capital loss carry forward to 2016? A) ($2,000) B) $0 C) ($1,000) D) ($4,000) Blue Company has taxable income of $90,000 before contributions The company made a $10,000 cash contribution to the local university. What is the tax liability of company for the year? A) $15, 450. B) $15, 790. C) $22.250. D) $18, 850. If corporation has a net capital loss, it can carry that loss back three years and then forward six. A) True B) False A domestic corporation can receive a deduction for dividend income it receives from another domestic corporation A) True B) False Organizational expenses incurred after 2004 are amortized over five years. A) True B) False Corporations may carry charitable contributions in excess of the income limitation forward for A) True B) False Sparks Corporation receives a dividend of $100,000 from Jill Corporation, a C corporation. 70% of Jill Corporation stock. Spark's dividends received deduction is $80,000. A) True B) False Which of the following items is subtracted from book income to arrive at taxable A) Charitable contributions in excess of the 10% limit. B) Interest received on tax-exempt bonds. C) The excess of capital losses over capital gains. D) 50% of travel and entertainment expenses. All C corporations file their tax returns using a Form 1120. A) True B) False